TEGNA Inc. Reports First Quarter 2025 Results and Provides Second Quarter Guidance

Core Insights - TEGNA Inc. reported a 5% year-over-year decrease in total revenue, amounting to $680 million, primarily due to lower political advertising revenue and a shift in Super Bowl advertising [4][17] - The company reaffirmed its two-year Adjusted Free Cash Flow guidance for 2024/2025, estimating between $900 million and $1.1 billion [7][25] - TEGNA's net income attributable to the company was $59 million, reflecting a 69% decline compared to the previous year [4][18] Financial Performance - Total company revenue decreased by 5% to $680 million, with distribution revenue remaining flat at $380 million and AMS revenue down 3% to $286 million [4][17] - GAAP operating expenses decreased by 1% to $571 million, while non-GAAP operating expenses remained flat [4][17] - Adjusted EBITDA fell by 22% to $136 million, primarily due to lower political advertising and AMS revenue [4][17] Operational Updates - TEGNA appointed Melissa Zimyeski as vice president of product and Mat Yurow as vice president of growth to enhance digital product management and revenue growth [5] - The company secured local team rights across major sports leagues, including the NBA, WNBA, NHL, and MLB, and expanded partnerships with NFL teams [5] Guidance and Outlook - For the full year 2025, TEGNA expects GAAP revenue to decline by 4% to 7% and non-GAAP operating expenses to remain flat to down 2% [8] - Corporate expenses are projected to be between $40 million and $45 million, with capital expenditures estimated at $50 million to $60 million [7]